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got a notifications from me transferring to many times from my two sons account to mine for paying for their trips to cananda and getting out money for their school supplies and clothes for the year just wanted to know the allotted amount and how many times I can withdraw from their accounts
September 12, 2017 09:54:39 AM
In reply to amy, glendora
Hi Amy! We'd be happy to explain.
If sounds like the transfers you made were from your savings account to your checking account. There is a Government regulation, called Regulation D, which places limitations on the number of monthly electronic transactions you can make from Money Market and Savings Accounts. You can make unlimited transactions and transfers on checking accounts. There is also not a limit of how much money is moved per month. You can transfer as much as your balance allows.
Regulation D states that Money Market and Savings Accounts are limited to six total electronic debit transactions per statement cycle. There may be a fee charged for each transfer after the sixth. To review information about this fee and whether your account may be charged, please click here: https://go.td.com/2kFZ5mK to review our Personal Fee Schedule.
The limitations on Money Market and Savings Accounts include:
1. Pre-authorized ACH – Automated Clearing House debits (health club fees, insurance premiums, car payments, and mortgage payments).
2. Pre-authorized transfers (overdraft protection, transfer to Holiday Club, and transfers to a checking account).
3. TD Bank Online Banking and Telephone Banking transfers (debited from the money market or savings account).
4. Request made by phone or fax for transfer
5. A check drawn on the account to any payee (this type of transaction is limited to checking accounts)
6. ATM Point of Sale Purchase (treated like a third party transaction, this type of transaction is limited to checking accounts)
7. Debit Card purchases (this type of transaction is limited to checking accounts)
8. Wire transfers
If you exceed the transaction limit, our Regulatory Support team notifies you on the first two occurrences by letter.
On the third occurrence:
1. Money market accounts will be converted to an interest checking account and you are informed in writing of the changes. This change will reduce the interest rate and earnings.
2. Business money market accounts will be converted to a non-interest business checking account.
3. Personal savings are automatically converted to a transaction savings account. You are informed, in writing, of the changes. Depending on the original account type, this change may reduce the interest rate and earnings.
4. Business savings will be converted to a non-interest checking account and written notification will be sent to you.
You may make an unlimited number of these types of transactions from your Money Market or Savings account:
1. Over-the-Counter (OTC) withdrawals.
2. ATM withdrawals.
3. ATM transfers.
4. Transfers originated in person, by messenger or by mail.
We hope this helps explain, Amy. If you have any additional questions, please don't hesitate to give us a call 24/7 at 888-751-9000 or stop in to see us at any of our Stores. To find one near you, please click here: https://go.td.com/1nq31dc.
We wish you and your sons an excellent upcoming school year! Take care, Amy.
Candice A, Mount Laurel
September 12, 2017 09:55:04 AM